Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities:
Trading was mostly range-bound with a positive bias but the highlight of the trade was Sensex breaching the psychological 60000-mark. Benchmark Nifty has formed a robust higher high and higher low formation which is broadly positive. The important point is the index successfully cleared the resistance of 17800 and is comfortably trading above the same.
For the index, 17775-17700 could be the important support levels. On the flip side, 18000 and 18200 could act as a major resistance level. Contra traders can take a long bet near 17700 with a strict 16650 support stop loss, while partial profit booking is advisable between 18100 to 18200 level. Meanwhile, the Bank Nifty has maintained a higher bottom formation. The key support levels are placed at 37200 followed by 36800. The structure suggests a further upside if it succeeds to trade above 37200.
Rohit Singre, Senior Technical Analyst at LKP Securities.
Index closed a week at 17,853 zone with gains of one & half percent on weekly basis and formed a bullish candle on the weekly chart for a second consecutive week. For upcoming session, index has shifted its support zone to 17,750-17,650, so any dip near mentioned support zone will be again fresh buying opportunity with keeping stop out level below 17,650 zone & if said levels are held we may see the index march towards 18k mark, resistance is still placed around 17,900-18,000 zone where traders can lock some of their long gains.
Vinod Nair, Head of Research at Geojit Financial Services:
Weak global market did not affect the upside momentum of the domestic market to hit record highs boosted by realty and IT stocks. India is seizing a sweet spot in the global equity market with the increase in domestic investors. However, profit-booking was noticeable in mid & small-cap stocks, which were under pressure and it can continue in the short-term. Realty stocks continued to outperform other sectors owing to an increase in property registrations, and cut in stamp duty (Karnataka) and home loan rates.
Market Close
: Benchmark indices erased some of the intraday gains but manages to close in the positive territory with Sensex crossing 60,000 for the first time.
At close, the Sensex was up 163.11 points or 0.27% at 60,048.47, and the Nifty was up 30.20 points or 0.17% at 17,853.20. About 1286 shares have advanced, 1894 shares declined, and 152 shares are unchanged.
Asian Paints, Eicher Motors, M&M, HCL Technologies and HDFC Bank were among major gainers on the Nifty, while losers included Tata Steel, JSW Steel, SBI, Divis Labs and Axis Bank.
BSE midcap index fell 1 percent, while smallcap index was down 0.3 percent.
Except, IT, Auto and Realty all other sectoral indices ended in the red with Metal, FMCG, PSU Bank and Power indices down 1-2 percent.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed some volatile movements after Nifty was able to breach the level of 17,850. Our research shows sustaining above 17850, we expect the market to gain momentum, leading to an upside projection till 18,000 level.
We have observed the momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.
Evergrande investors in limbo after payment deadline passes
China Evergrande has left global investors guessing over whether it will make a key interest payment, adding to fears that Beijing will let overseas bondholders swallow large losses as a liquidity crisis deepens at the world’s most indebted property company.
Gayatri Projects has received Rs 49.74 crore in arbitration award
Gayatri Projects has received an amount of Rs 49.74 crore along with future interest at 1O% p.a. till the date of payment in an arbitration award.
Gayatri Projects was quoting at Rs 52.25, up Rs 0.15, or 0.29 percent on the BSE.
Naveen Kulkarni, Chief Investment Officer, Axis Securities:
Crossing the 60k mark is another milestone for the market. We could see many more positive surprises from the market in the next one-two years, as we are entering into a positive upcycle of earnings trajectory. The overall market trajectory continues to be positive, and dips should be utilized to build long-term positions in quality companies for more sustainable returns.
A quality theme is back in focus, and we continue to see the broader market doing well, as the visibility on broad-based earnings is still intact. A fully functional economy over the upcoming festival season and the sustenance of earnings momentum in Q2 FY22 are the near-term triggers for the market.
Market at 3 PM
Indian benchmark indices erased some of the early gains but still holding in the green with Sensex above 60000.
The Sensex was up 231.15 points or 0.39% at 60,116.51, and the Nifty was up 47 points or 0.26% at 17,870. About 1165 shares have advanced, 1847 shares declined, and 112 shares are unchanged.
BSE Midcap index fell 1 percent dragged by the Oberoi Realty, L&T Infotech, Aditya Birla Fashion
Ashishkumar Chauhan, MD & CEO, BSE:
Sensex reaching 60,000 today first time ever on September 24, 2021 is an indicator of India's growth potential, as well as the way India is emerging as a world leader during COVID period in addition to worldwide monetary expansion and relaxed fiscal policies adopted by world powers.
Indian markets are considered the best performing markets world over in last 18 months of COVID period due to astute policies and implementation of government, private sector and every one else involved. Many more investors are also joining the stock markets directly or indirectly through Mutual funds, thanks to automation in the markets, new age brokerages and low interest rates in india. The increase in stock prices has been broad based in recent period. I take this opportunity to congratulate all Indians citizens and investors for this achievement.
Ramkrishna Forgings wins export order worth Rs 30 crore per annum from North America
Ramkrishna Forgings has won an export order worth USD 4 million per annum) from North American customer in oil & gas segment. The stock was trading at Rs 1,028.75, down Rs 7.80, or 0.75 percent. It has touched an intraday high of Rs 1,043.95 and an intraday low of Rs 1,022.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities:
Crude oil prices traded steady with benchmark NYMEX WTI crude oil prices were trading flat by near $73.30 per barrel for the day. MCX Crude oil September futures were 0.20% lower near Rs 5,414 per barrel by noon.
Crude oil prices traded higher for the fourth consecutive day on tighter supplies ahead of higher demand forecast. Prices are expected to trade up for the day with resistance at $74 and support at $71 per barrel. MCX Crude oil October has support at Rs 5,340 and resistance at Rs 5,480.
European markets are trading in the red with FTSE, CAC and DAX down over half a percent each
Market update at 2 PM
: Sensex is up 149.25 points or 0.25% at 60034.61, and the Nifty added 16.30 points or 0.09% at 17839.30.HCL Tech, Asian Paints and Mahindra & Mahindra are the top gainers while Tata Steel and IndusInd Bank dragged the most.
Shilpa Medicare ties up with Cadila Healthcare for production-supply of ZyCov-D vaccine drug substance
Shilpa Medicare via its wholly owned subsidiary, Shilpa Biologicals Pvt Ltd has entered into a definitive
agreement with Cadila Healthcare for production-supply of the ZyCov-D vaccine drug substance from its integrated Biologics R&D cum manufacturing center at
Dharwad, Karnataka. The stock was trading at Rs 575.65, up Rs 3.55, or 0.62 percent. It has touched an intraday high of Rs 583.00 and an intraday low of Rs 555.35.
Nish Bhatt, Founder & CEO, Millwood Kane International:
The Indian equity market is on a roll. The bullish sentiment continued with key indices Sensex attaining a level of 60,000 for the first time ever and Nifty50 near 18,000 level. The key thing is the swiftness of the rally. The time taken for Sensex to move from 55,000 to 60,000 level came in only 29 trading sessions. That was a rally of nearly 9% in less than 2 months. The rally points out the confidence of investors in the underlining strength of the Indian market. India has been one of the best return-yielding markets among the emerging market spectrum.
Not only the institutional investors but also the retail investors provided legs to the current market rally. India saw millions of new retail investors entering the market as interest on bank deposits dipped. The number of Demat accounts has crossed 50 million.
The rally in the market is on prospective unlocking, the pace of vaccination despite a huge population. The demand push during the festive season coupled with an earnings upgrade for the market is another positive. The rally in the domestic market along with Fed's commentary on tapering may have some bearing on the RBI's policy announcement next month.
Nifty FMCG index fell 1 percent dragged by the United Breweries, Jubilant FoodWorks, HUL
Motilal Oswal, MD & CEO, Motilal Oswal Financial Services:
Equity market today had a historical day with Sensex touching 60,000 for the first time driven by large caps with many index heavyweights touching new highs. The rally in domestic market is driven by positive global cues, strong inflows by FIIs/DIIs, good corporate earnings, falling Covid-19 cases, upbeat corporate commentaries and low cost of capital.
Amid the buoyant sentiment and increased activity, valuations has reached elevated levels and demand consistent delivery on earnings expectations. Given rich valuations, one cannot ignore intermittent volatility – however we expect the positive momentum to continue on the back of improving economic activity and recovery in corporate earnings.
Nifty PSU Bank index shed over 1 percent dragged by the Punjab and Sind Bank, Canara Bank, Bank of Baroda
Dollar wallows near one-week low as haven demand ebbs
The dollar wallowed near its lowest level in a week versus major peers on Friday, as improved risk sentiment wiped out recent gains amid easing concerns about contagion from a potential China Evergrande Group default.
Market at 1 PM
Indian benchmark indices erased some of intraday gains but Sensex still holds above 60,000 helped by realty, IT and Auto names.
The Sensex was up 292.58 points or 0.49% at 60,177.94, and the Nifty was up 70.80 points or 0.40% at 17,893.80. About 1253 shares have advanced, 1690 shares declined, and 129 shares are unchanged.
Brijesh Bhatia- Senior Research Analyst at Equitymaster:
The sentiment on D-street is bullish. A dip of a couple of percent would be a good opportunity for traders and investors to enter. We are witnessing broad based buying from largecaps to midcaps, and smallcaps.
The euphoria in the market is likely to continue. It may extend till January-February 2022. Though the volatility is likely to witness an uptick.
I believe the stocks ranking higher terms of outperformance will continue to shine. But traders and investors need to keep in mind the margin of safety in these stocks because their support levels are very deep.
Caplin Point's Chennai plant audit completed by USFDA with Zero observations
Caplin Point Laboratories Amaris Clinicals (Amaris), the Clinical Research Organization (CRO) division of Caplin Point Laboratories Limited, located at Chennai, has completed a virtual audit from United States Food and Drug Administration (USFDA) with NIL observations.
Caplin Point Laboratories was quoting at Rs 897.15, up Rs 1.90, or 0.21 percent on the BSE.
Vikas Jain, Senior Research Analyst at Reliance Securities:
Sensex has achieved a new milestone of 60,000 mark with strong move across sectors and stocks over the last 2 months. We believe the positive momentum will continue as we are stepping into the second quarter results from the middle of the next month, earnings are poised to be better than first quarter with respect to management outlook being shared by various companies in their quarterly conference calls.
We could expect some consolidation in outperforming sectors like IT, Realty and Metals while sectors like Auto, Banks which are trading at discount to the broader markets could catch up over the next few months.
PSP Projects gets Letter Of Intent for orders worth Rs 421.9 crore
PSP Projects is in receipt of Letter of Intent(s) (LOI) and Work Orders (WO) for new projects worth Rs 421.87 crore (excluding GST) towards Institutional, Industrial, Residential and precast segments from various clients.
Further, with the receipt of the above, the new LOIs/ WOs received during the financial year 2021-22 till date amounts to Rs 637.23 crore (excluding GST)
PSP Projects was quoting at Rs 452.50, down Rs 3.55, or 0.78 percent on the BSE.
Mohit Ralhan, Managing Partner & Chief Investment Officer of TIW Private Equity:
The Sensex touched a historic high of 60,000 today for the first time. The bull-run in the Indian market has continued to abate on the back of strengthening the economy and reduced expectations of any serious third wave of COVID-19. While the sentiments remain extremely positive, the global cues are pointing towards a cautious approach, given the unfolding debt crisis at China Evergrande Group and impending start of tapering by the US Fed.
The valuations of Indian stocks have also increased significantly with the P/E ratio of Nifty 50 Index crossing 27x. With a spike in volatility, we are in a wait and watch mode for a clearer picture to emerge.
Market at 12 PM
Benchmark indices erased some of the early gains but still trading higher with Sensex holding above 60000.
At 12:02 IST, the Sensex was up 200.83 points or 0.34% at 60,086.19, and the Nifty was up 49.90 points or 0.28% at 17,872.90. About 1326 shares have advanced, 1568 shares declined, and 147 shares are unchanged.
CLSA on Accenture:
The Q4 demand strength & margin comfort are positive read-throughs and 21% YoY constant currency revenue growth broadly in-line with guidance, however, FY22 CC growth guidance is ahead of pre-results consensus estimates.
Management also downplayed margin risk from rising attrition and FY22 guided EBIT margin band implies 10-30 bps YoY expansion.
BSE Realty index rose 2 percent supported by the Oberoi Realty, Mahindra Lifespace, Prestige Estate
Vishal Wagh, Research head, Bonanza portfolio:
Market is consistently posting new highs throughout the year. Post economic shock of Covid-19, economy is also started a recovery. Many stocks has become multi-bagger in last 18 months. It is suggested that one should continue to hold the outperforming stock in portfolios and exit form loss making positions.
At the same time maintain meaningful stop losses to the holding position and ride the rally. This rally may continue for 10-15% up from here also.
More than 200 stocks hit their fresh 52-week highs on BSE
More than 200 stocks, including Reliance Industries, Asian Paints, Bharti Airtel, Tech Mahindra, HCL Tech, Infosys, Bajaj Finserv, Kotak Mahindra Bank, IndusInd Bank, Larsen & Toubro and ONGC, hit their fresh 52-week highs in intraday trade on BSE.
Rahul Sharma, Co-Founder, Equity99:
Market touches new high as Sensex crosses 60k mark in early trades today. Realty & IT leading the rally today. As markets are making new highs every day and reached new highs in a short duration, we advise investors to ride the rally but at the same time keep strict stop losses to their positions considering dicey global clues driven by likely Evergrande crises.
17,800 will act as support for Nifty on crossing which we might see 17,750 levels and on upper side 17,950 & 18,000 will act as a crucial resistance. For the Bank Nifty, support at 37500-37250 and resistance at 38300-38500.
Ircon International wins bid to set up 500 MW solar power plant
Ircon International has won a bid to set-up 500 MW solar power plant through e-Reverse auction with a Viability Gap Funding (VGF) of Rs 224.70 crore under CPSU Scheme-II floated by Indian Renewable Energy Development Agency (IREDA). The approximate cost of the project is Rs 2400 crore.
Ircon International was quoting at Rs 46.10, up Rs 1.55, or 3.48 percent on the BSE.
Sandeep Bharadwaj, CEO, Retail, IIFL Securities:
Expectations of solid economic recovery and sustained growth in the next couple of years is keeping the bulls enthused. Also from global funds perspective, India remains an attractive destination, especially in the China+1 scenario. Having said that, retail investors must have a diversified portfolio at this stage to face any kind of volatility.
Zydus Cadila gets US FDA nod for Psoriasis drug Apremilast tablets
Zydus Cadila’s US subsidiary Zydus Pharmaceuticals (USA) Inc. has received final approval from the USFDA to market Apremilast Tablets in the strengths of 10 mg, 20 mg, 30 mg for the treatment of adult patients with moderate to severe plaque psoriasis who are candidates for phototherapy or systemic therapy. The drug will be manufactured at the group’s formulation manufacturing facility at the SEZ, Ahmedabad. The stock was trading at Rs 562.05, down Rs 4.85, or 0.86 percent. It has touched an intraday high of Rs 569.20 and an intraday low of Rs 561.65.
Rahul Sharma, Director, Head - Technical & Derivative Research, JM Financial Services:
Nifty is expected to reach 50% of its Fibonacci extension (18,111) of the second leg of the rally which began from April 2021. Market internals, breadth & thrust have been robust but expect some profit booking around the 18,100 mark. Buy the dip is the mantra for fresh entry as supports are expected at 17,650 and 17,300. Bank Nifty can post another breakout above 38,100 for a possible target of 40,000 in October series. We remain positive on telecom, auto and private banks.
Market update at 11 AM: Sensex is up 402.01 points or 0.67% at 60287.37, and the Nifty added 110.80 points or 0.62% at 17933.80.
Anil Kumar Bhansali, Head of Treasury, Finrex Treasury Advisors
USDINR opens at 73.77 as Evergrande issue continues to hit the market. Good buying was seen yesterday around 73.60 levels.
Exporters to sell near at 73.85 and above, while importers to buy for upt o 30th Sept near to 73.65. The range for the day is 73.50-73.90
Aditya Birla Sun Life AMC IPO opens on September 29:
Aditya Birla Sun Life AMC, promoted by Aditya Birla Capital and Sun Life (India) AMC Investments Inc, has decided to launch its maiden public offer for subscription on September 29. The price band for the offer has been fixed at Rs 695-712 per equity share. Click to Read More
Santosh Meena, Head of Research, Swastika Investmart:
The roaring bull market is continued in the Indian market with climbing all walls of worries where Sensex has crossed the new milestone of 60000. We are in a classical bull market like the 2003-2007 phase where this bull-run is likely to continue for the next 2-3 years, however I will put the word of caution after a parabolic move in last few days because short term correction can't be ruled out in coming days.
Global indices like Dow Jones and Dax are near to their critical resistance and may witness a correction from here. We are in a strong uptrend and outperforming global markets, while some mean reversion can be seen in the coming days where rising crude oil prices and surge in US bond yield could cause near-term volatility.
Since the overall view is bullish and Sensex can march towards the 1,00,000 mark in this bull run, therefore, investors are advised to remain invested where any 10-20% correction will be a great buying opportunity. SIP is the best way to ride the current bull-run.
Coronavirus Update
India logged 31,382 new coronavirus infections taking the total tally of COVID-19 cases to 3,35,94,803, while the active cases declined to 3,00,162, the lowest in 188 days, according to the Union Health Ministry data updated on Friday.
The death toll climbed to 4,46,368 with 318 fresh fatalities, according to the data updated at 8 am.
The active cases comprise 0.89 percent of the total infections, the lowest since March 2020, while the national COVID-19 recovery rate was recorded at 97.78 percent, the highest since March 2020, the ministry said.
ICICI Direct:
The US dollar declined 0.37% yesterday on a rise in risk appetite in global markets. Further, disappointing economic data from the country added to downside pressure. However, a sharp fall was cushioned on a surge in US treasury yields.
Rupee future maturing on September 28 appreciated by 0.24% in yesterday’s trading session on weakness in the dollar and rise in stock indices.
The rupee is expected to appreciate on weakness in dollar and rise in risk appetite in the global markets. Asian stocks are trading in the green after US shares rallied. Further, consistent FII inflows will be supportive for the rupee. However, sharp gains may be prevented on a surge in crude oil prices. Furthermore, investors will remain cautious ahead of US Federal Reserve Chairman Powell’s speech and negotiation over US President Joe Biden’s USD 3.5 trillion spending proposal.
Rupee Opens:
Indian rupee opened lower at 73.77 per dollar on Friday against previous close of 73.64, amid buying seen in the domestic equity market.
Anand James, Chief Market Strategist at Geojit Financial Services:
Sensex mounted the 60k mark as risk appetite improved after fears surrounding Evergrande debt crisis eased. BSE found almost 60% of the stocks advancing in the first hour. But we remain watchful of markets weighing in rate hike prospects as US treasury yields have begun to firm up, following Fed's taper signals.
BSE Metal index declined 1 percent dragged by the JSW Steel, Tata Steel, Vedanta
Sansera Engineering shares list at Rs 811:
Automotive components manufacturer, Sansera Engineering listed on September 24 at Rs 811.50- a 9 percent premium to the issue price of Rs 744 per share. The stock opened at Rs 811.35 on the BSE, while the opening price on the National Stock Exchange was Rs 811.50.
The Rs 1,283-crore public issue, which opened during September 14-16, saw a subscription of 11.47 times as it received bids for 13.88 crore equity shares against IPO size of 1.21 crore shares, generating bids worth Rs 10,329.62 crore.
